/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/211215.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Wednesday, December 15, 2021, Vol. 22, No. 244 Headlines B R A Z I L BRAZIL: Drop in Industrial Production in October Driven by 5 States BRAZIL: Gets $1.2B IDB Loan to Boost Agricultural Sustainability D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: As Tourism Recovers, So Does the Economy DOMINICAN REPUBLIC: Goes Vertical Despite Pricier Materials E C U A D O R CUENCA DPR: Fitch Rates Series 2021-1 Loan 'B-(EXP)' M E X I C O GRUPO AEROMEXICO: Exit Plan Court Hearing Set for Jan. 18, 2022 GRUPO AEROMEXICO: Milbank Updates on BSPO Investors T R I N I D A D A N D T O B A G O TRINIDAD & TOBAGO: Business Community Hopes For Economic Boost - - - - - =========== B R A Z I L =========== BRAZIL: Drop in Industrial Production in October Driven by 5 States ------------------------------------------------------------------- Rio Times Online reports that five states were responsible for the 0.6% drop in national industrial production from September to October of this year, among them Sao Paulo, the country's largest industrial park, with a 3.1% retreat. The other places were Santa Catarina (-4.7%), Para (-4.2%), Minas Gerais (-3.9%) and Espirito Santo (-1%). The data were released in Rio de Janeiro, by the Brazilian Institute of Geography and Statistics (IBGE), according to Rio Times Online. In the year to date, ten of the 15 places analyzed showed an increase, especially Santa Catarina (13.8%), Minas Gerais (12%), and Parana (11.2%). Bahia presented the most considerable retraction of the five locations in decline: -13,1%, the report notes. About Brazil Brazil is the fifth largest country in the world and third largest in the Americas. Jair Bolsonaro is the current president, having been sworn in on Jan. 1, 2019. Standard & Poor's credit rating for Brazil stands at BB- with stable outlook (April 2020). S&P's 'BB-/B' long-and short-term foreign and local currency sovereign credit ratings for Brazil were affirmed in December 2021 with stable outlook. Fitch Ratings' credit rating for Brazil stands at 'BB-' with a negative outlook (November 2020). Fitch's 'BB-' Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) has been affirmed in May 2021. Moody's credit rating for Brazil was last set at Ba2 with stable outlook (April 2018). DBRS's credit rating for Brazil is BB (low) with stable outlook (March 2018). BRAZIL: Gets $1.2B IDB Loan to Boost Agricultural Sustainability ---------------------------------------------------------------- The Inter-American Development Bank (IDB) has approved a credit line of up to $1.2 billion to help improve productivity and resilience in Brazil's agricultural sector and boost revenues and access to basic services in rural areas. The funding consists of a Conditional Credit Line for Investment Projects (CCLIP) and resources will be allocated over a period of up to 10 years in some 10 individual operations. These may include financing loans for investment projects and will be made available to the federal government, states, or municipalities, along with national or regional development banks that make subloans for investments contributing to the sustainable development of agriculture. This lending mechanism, which is aligned with the 2020-2031 Strategic Plan of the Ministry of Agriculture and Supply (MAPA, after its Portuguese initials), will provide Brazil with a financing instrument for rural development in three strategic sectors: Agricultural services. The aim is to boost productivity on a sustainable basis, contributing to climate change mitigation and adaptation by improving the quality of agricultural support services. These include: generation and transfer of technologies, technical assistance in production and in business management, food safety and health, land titling, environmental regularization, and increasing producers' access to these services. Basic and productive infrastructure. The goal is to improve productivity and market access, reduce product losses, improve energy and water use efficiency, and enhance the quality of life through the development of resilient infrastructure. This includes access roads, irrigation systems, rural electrification, and drinking water and sanitation. Environment and natural resources. The objectives are: promoting conservation and sustainable use of natural resources, reducing greenhouse gas emissions, and enhancing adaptation to climate change. This involves initiatives to improve natural resource management, such as watershed management, development of payment mechanisms for environmental services, agroforestry-based plans, and the development of biodiversity products. Brazil's Northeast Region is the first to benefit from the credit line through a $230 million loan to improve the agricultural sector's income and market access and help make regional agriculture, including livestock, more competitive. The program will be implemented by MAPA with support from the National Institute of Colonization and Agrarian Reform (INCRA). It will encourage the adoption of agricultural technologies, including those related to climate change adaptation and mitigation, by integrating producers into value chains, strengthening legal certainty and environmental regularization of rural property, and improving phytosanitary conditions on fruit farms. This operation is in line with Vision 2025 - Reinvesting in the Americas: A Decade of Opportunities, created by the IDB Group to promote economic recovery and inclusive growth in Latin America and the Caribbean, in the areas of digital economy, gender and inclusion, and climate change. The loan for Brazil's Northeast Region is for a 23.5-year term, with a 7-year grace period, and interest rate based on LIBOR. There will be an additional $40 million in local counterpart funds. About Brazil Brazil is the fifth largest country in the world and third largest in the Americas. Jair Bolsonaro is the current president, having been sworn in on Jan. 1, 2019. Standard & Poor's credit rating for Brazil stands at BB- with stable outlook (April 2020). S&P's 'BB-/B' long-and short-term foreign and local currency sovereign credit ratings for Brazil were affirmed in December 2021 with stable outlook. Fitch Ratings' credit rating for Brazil stands at 'BB-' with a negative outlook (November 2020). Fitch's 'BB-' Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) has been affirmed in May 2021. Moody's credit rating for Brazil was last set at Ba2 with stable outlook (April 2018). DBRS's credit rating for Brazil is BB (low) with stable outlook (March 2018). =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: As Tourism Recovers, So Does the Economy ------------------------------------------------------------ Dominican Today reports that President Luis Abinader said during a meeting with general managers of hotel chains in Punta Cana that, as tourism in the country has been restored, the economy has fully recovered. "Without recovering tourism, the Dominican economy does not recover and today by recovering tourism, we have fully recovered the Dominican economy; by the end of the year the country will be more than 4% positive in general in the economy in relation to the pre-COVID era," said the president, according Dominican Today. The Head of State added that the key to economic recovery is the joint work that the corresponding entities have been carrying out, the report notes. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. TCRLA reported in April 2019 that the Dominican Today related that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. As reported in the Troubled Company Reporter-Latin America on Dec. 10, 2021, Fitch Ratings has revised the Outlook on Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Stable from Negative and affirmed the IDRs at 'BB-'. Standard & Poor's, on December 4, 2020, affirmed its 'BB-' long-term foreign and local currency sovereign credit ratings on the Dominican Republic. The outlook remains negative. S&P also affirmed its 'B' short-term sovereign credit ratings. The negative outlook reflects S&P's view that it could lower the ratings on the Dominican Republic over the next six to 18 months, given the severe impact of the COVID-19 pandemic on the sovereign's already vulnerable fiscal and external profiles, as well as the potential for a weaker-than-expected economic recovery. Moody's credit rating for Dominican Republic was last set at Ba3 with stable outlook (July 2017). Fitch's credit rating for Dominican Republic was last reported at BB- with negative outlook (May 8, 2020). DOMINICAN REPUBLIC: Goes Vertical Despite Pricier Materials ----------------------------------------------------------- Dominican Today reports that Santiago continues to grow vertically. This is evidenced by the dozens of apartment towers and real estate projects under construction in different parts of the city, as well as the extension of national and international investments in banking, industry and commerce, according to Dominican Today. Landy Colon, president of the Cibao Association of Promoters and Builders of Homes (Aprocovici), argues that Santiago is in a very special moment of development, despite the increase of up to 30 percent of homes as a result of the rise in materials, the report notes. He assures that the real estate impulse that is currently registered in the city has its origin in the efforts of the entity that he directs, when devising and accompanying the municipal authorities in the creation of the Normative Guide for Territorial Planning, which supports the "Santiago vertical," the report discloses. Gurabo and La Trinitaria are the sectors of the heart city where more infrastructure projects are currently being developed. Currently being built, the corporate building of the Popular Association of Savings and Loans (APAP), Santiago Center and the towers in La Trinitaria with up to 20 floors, the report relays. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. TCRLA reported in April 2019 that the Dominican Today related that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. As reported in the Troubled Company Reporter-Latin America on Dec. 10, 2021, Fitch Ratings has revised the Outlook on Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Stable from Negative and affirmed the IDRs at 'BB-'. Standard & Poor's, on December 4, 2020, affirmed its 'BB-' long-term foreign and local currency sovereign credit ratings on the Dominican Republic. The outlook remains negative. S&P also affirmed its 'B' short-term sovereign credit ratings. The negative outlook reflects S&P's view that it could lower the ratings on the Dominican Republic over the next six to 18 months, given the severe impact of the COVID-19 pandemic on the sovereign's already vulnerable fiscal and external profiles, as well as the potential for a weaker-than-expected economic recovery. Moody's credit rating for Dominican Republic was last set at Ba3 with stable outlook (July 2017). Fitch's credit rating for Dominican Republic was last reported at BB- with negative outlook (May 8, 2020). ============= E C U A D O R ============= CUENCA DPR: Fitch Rates Series 2021-1 Loan 'B-(EXP)' ---------------------------------------------------- Fitch Ratings expects to rate the Series 2021-1 Loan, to be issued by Cuenca DPR, 'B-(EXP)' with a Stable Rating Outlook. DEBT RATING ---- ------ Cuenca DPR 2021-1 LT B-(EXP) Expected Rating TRANSACTION SUMMARY Cuenca DPR will enter into a loan agreement to receive a disbursement up to $150 million as part of a new future flow program backed by U.S. dollar-denominated existing and future diversified payment rights (DPRs) originated by Banco del Austro S.A. (Austro) of Ecuador. 100% of DPR flows are processed in the U.S. by Citibank N.A. (Citibank), the sole designated depository bank (DDB) in this transaction, that will execute an account agreement (AA) irrevocably obligating the bank to make payments to an account controlled by the transaction trustee. Fitch's rating addresses timely payment of interest and principal on a quarterly basis. KEY RATING DRIVERS Future Flow Rating Driven by Originator's Credit Quality: On Aug. 12, 2021, Fitch assigned Austro a Long-Term Issuer Default Rating (IDR) of 'CCC+' and a Viability Rating (VR) of 'ccc+'. Austro's VR or standalone creditworthiness drives the IDR. Ecuador's sovereign rating (B-/Stable) and broader operating environment considerations highly influence Austro's VR, as Fitch expects the economic challenges on the banking system's financial performance to result in lower profitability and rising non-performing loans (NPL), due to lower payment capacity of some debtors amid the pandemic. Going Concern Assessment (GCA): Fitch uses a going concern assessment (GCA) score to gauge the likelihood that the originator of a future flow transaction will stay in operation through the transaction's life. Fitch's Financial Institutions (FI) group assigns a GCA score of 'GC3' to Austro, which reflects the bank's position as the seventh largest bank in Ecuador by total assets with a market share of 4.53% as of June 2021. Although Austro's business model is adequately diversified, it does not have any relevant product leadership position within Ecuador, which is also reflected in the GCA score. Limits to Notching Differential: The 'GC3' score allows for a maximum uplift of two notches from the bank's IDR, pursuant to Fitch's future flow methodology. However, uplift is tempered to one notch from Austro's IDR due to factors mentioned below, including high future flow debt to non-deposit funding and DDB concentration risk, among others. High Future Flow Debt Relative to Balance Sheet: Fitch estimates that the proposed future flow issuance will represent 7.0% of Austro's total funding and 65.4% of non-deposit funding, based on September 2021 financials. Fitch does not allow the maximum uplift for originators that have future flow debt greater than 30% of the overall non-deposit funding. Nevertheless, given the benefits of the proposed structure and quality of flows, the agency allows for some differentiation (one-notch) from Austro's LT IDR. Pandemic Pressures Transaction Flows: Global events including the coronavirus pandemic negatively affected the originator's DPR flows. Austro processed approximately $754.4 million in DPR flows in 2020, down 11% yoy, marking the program's lowest annual volume total since 2016 ($716.6 million). However, transaction flows have since recovered to pre-pandemic levels with Austro processing $704.3 million in DPR flows for YTD September 2021, which reflects a yoy increase of 33% and 9% versus YTD September 2020 ($528.9 million) and YTD September 2019 ($646.8 million), respectively. The resilience of Austro's DPR business line is supported in large part by the stability of remittance-related flows and Ecuador's growing family remittance sector. Coverage Levels Commensurate with Assigned Rating: When considering average rolling quarterly DDB flows over the last five years (September 2016 - September 2021) and the proposed maximum periodic debt service over the life of the program, including Fitch's interest rate stress, the projected quarterly debt service coverage ratio (DSCR) is 16.1x. Fitch considers this coverage level sufficient for the assigned rating level. The transaction can withstand a decrease in flows of approximately 93.8% and still cover the proposed maximum quarterly debt service obligation. Nevertheless, Fitch will monitor the performance of the flows as a sustained decrease could negatively impact the assigned rating. No Lender of Last Resort: Ecuador is a dollarized economy without a true lender of last resort. While certain mechanisms are in place to help fend off a banking system crisis, this limits the notching differential of the transaction. Potential Redirection/Diversion Risk: The structure mitigates certain sovereign risks by collecting cash flows offshore until collection of the periodic debt service amount. In Fitch's view, diversion risk is partially mitigated by the AA signed by the sole DDB (Citibank) in the transaction. However, as Citibank processes 100% of DPR flows, the agency believes this exposes the transaction to a higher degree of diversion risk relative to other Fitch-rated DPR programs in the region, limiting the overall notching differential. The KRDs listed in the applicable sector criteria, but not mentioned above, are not material to this rating action. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: -- The transaction's ratings are sensitive to changes in the credit quality of Austro. A deterioration in the credit quality of Austro is likely to pose a constraint to the current rating of the transaction. -- The transaction's ratings are also sensitive to the ability of the DPR business line to continue operating, as reflected by the GCA score, and a change in Fitch's view on the bank's GCA score could lead to a change in the transaction's rating. -- Additionally, the transaction's rating is sensitive to the performance of the securitized business line. The expected quarterly DSCR is approximately 16.1x, which includes Fitch's interest rate stress, and should therefore be able to withstand a significant decline in cash flows in the absence of other issues. However, significant further declines in flows could lead to a negative rating action. Fitch will analyze any changes in these variables in a rating committee to assess the possible impact on the transaction ratings. -- No company is immune to the economic and political conditions of its home country. Political risks and the potential for sovereign interference may increase as a sovereign's rating is downgraded. However, the underlying structure and transaction enhancements mitigate these risks to a level consistent with the assigned rating. Factor that could, individually or collectively, lead to positive rating action/upgrade: -- The main constraint to the program rating is the originator's rating and Austro's operating environment. If upgraded, Fitch will consider whether the same uplift could be maintained or if it should be further tempered in accordance with criteria. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Structured Finance transactions have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of seven notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of seven notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings are based on historical performance. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS The future flow rating is driven by the credit risk of Austro as measured by its LT IDR. ESG CONSIDERATIONS Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. =========== M E X I C O =========== GRUPO AEROMEXICO: Exit Plan Court Hearing Set for Jan. 18, 2022 --------------------------------------------------------------- Andrea Navarro of Bloomberg News reports that Grupo Aeromexico's court hearing on its Chapter 11 exit plan is set for Jan. 18, 2022. Aeromexico got approval from a U.S. bankruptcy court in New York to enter into equity and debt exit financing commitment letters, according to a filing. Aeromexico expects to launch solicitation of votes on the plan following entry of the order approving the Disclosure Statement. The Court has set the confirmation hearing for January 18, 2022. About Grupo Aeromexico Grupo Aeromexico, S.A.B. de C.V. (BMV: AEROMEX) -- https://www.aeromexico.com/ -- is a holding company whose subsidiaries are engaged in commercial aviation in Mexico and the promotion of passenger loyalty programs. Aeromexico, Mexico's global airline, has its main hub at Terminal 2 at the Mexico City International Airport. Its destinations network features the United States, Canada, Central America, South America, Asia and Europe. Grupo Aeromexico and three of its subsidiaries sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-11563) on June 30, 2020. In the petitions signed by CFO Ricardo Javier Sanchez Baker, the Debtors reported consolidated assets and liabilities of $1 billion to $10 billion. The Debtors tapped Davis Polk and Wardell LLP as their bankruptcy counsel, KPMG Cardenas Dosal S.C. as auditor, and Rothschild & Co US Inc. and Rothschild & Co Mexico S.A. de C.V. as financial advisor and investment banker. White & Case LLP, Cervantes Sainz S.C. and De la Vega & Martinez Rojas, S.C., serve as the Debtors' special counsel. Epiq Corporate Restructuring, LLC, is the claims and administrative agent. The U.S. Trustee for Region 2 appointed a committee to represent unsecured creditors on July 13, 2020. The committee is represented by Willkie Farr & Gallagher, LLP and Morrison & Foerster, LLP. GRUPO AEROMEXICO: Milbank Updates on BSPO Investors --------------------------------------------------- In the Chapter 11 cases of Grupo Aeromexico, S.A.B. de C.V., et al., the law firm of Milbank LLP submitted a supplemental verified statement filed under Rule 2019 of the Federal Rules of Bankruptcy Procedure, to provide an updated list of BSPO Investors that it is representing. The BSPO Investors have retained Milbank as counsel in connection with the chapter 11 cases of Grupo Aeromexico, S.A.B. de C.V. and its affiliated debtors and debtors in possession. On October 27, 2021, Milbank, on behalf of the BSPO Investors, filed the Verified Statement Pursuant to Bankruptcy Rule 2019 [ECF No. 1995]. Milbank represents the BSPO Investors and does not represent or purport to represent any entities other than the BSPO Investors in connection with the Debtors' chapter 11 cases. In addition, neither Baupost, Oaktree, nor Silver Point represent or purport to represent any other entities in connection with the Debtors' chapter 11 cases. As of Dec. 3, 2021, each of the BSPO Investors and their disclosable economic interests are: The Baupost Group, L.L.C. 10 Saint James Avenue, Suite 1700 Boston, MA 02116 Oaktree Capital Management, L.P. 333 South Grand Ave., 28th Floor Los Angeles, CA 90071 Silver Point Capital, L.P. 2 Greenwich Plaza Greenwich, CT 06830 * Unsecured Claims: $88,500,000.00 The information contained herein is provided only for the purpose of complying with Bankruptcy Rule 2019 and is not intended for any other use or purpose. Milbank reserves the right to amend this Supplemental Verified Statement as may be necessary in accordance with the requirements set forth in Bankruptcy Rule 2019. Counsel to The Baupost Group, L.L.C., Oaktree Capital Management, L.P., and Silver Point Capital, L.P. can be reached at: MILBANK LLP Dennis F. Dunne, Esq. Matthew L. Brod, Esq. 55 Hudson Yards New York, NY 10003 Tel: (212) 530-5000 Fax: (212) 530-5219 - and - Andrew M. Leblanc, Esq. 1850 K Street, NW, Suite 1100 Washington, DC US 20006 Tel: (202) 835-7500 Fax: (202) 263-7586 A copy of the Rule 2019 filing is available at https://bit.ly/3oBTthq at no extra charge. About Grupo Aeromexico Grupo Aeromexico, S.A.B. de C.V. (BMV: AEROMEX) -- https://www.aeromexico.com/ -- is a holding company whose subsidiaries are engaged in commercial aviation in Mexico and the promotion of passenger loyalty programs. Aeromexico, Mexico's global airline, has its main hub at Terminal 2 at the Mexico City International Airport. Its destinations network features the United States, Canada, Central America, South America, Asia and Europe. Grupo Aeromexico and three of its subsidiaries sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-11563) on June 30, 2020. In the petitions signed by CFO Ricardo Javier Sanchez Baker, the Debtors reported consolidated assets and liabilities of $1 billion to $10 billion. The Debtors tapped Davis Polk and Wardell LLP as their bankruptcy counsel, KPMG Cardenas Dosal S.C. as auditor, and Rothschild & Co US Inc. and Rothschild & Co Mexico S.A. de C.V. as financial advisor and investment banker. White & Case LLP, Cervantes Sainz S.C. and De la Vega & Martinez Rojas, S.C., serve as the Debtors' special counsel. Epiq Corporate Restructuring, LLC, is the claims and administrative agent. The U.S. Trustee for Region 2 appointed a committee to represent unsecured creditors on July 13, 2020. The committee is represented by Willkie Farr & Gallagher, LLP and Morrison & Foerster, LLP. ===================================== T R I N I D A D A N D T O B A G O ===================================== TRINIDAD & TOBAGO: Business Community Hopes For Economic Boost -------------------------------------------------------------- Trinidad Express reports that the business community in Tobago is hoping that economic activity on the island will be boosted following the landslide victory of the Progressive Democratic Patriots (PDP) at the THA election on Monday night. Tobago Chamber of Industry and Commerce chair Diane Hadad told the Express that the people have spoken and the newly elected party will have an opportunity to jump-start Tobago over the next four years. "The chamber's position is to give the PDP a chance to present its ideas to the people of Tobago as the party members would have said on the platform while campaigning how they intended to improve the issues on the island," she said in a phone interview, according to Trinidad Express. Hadad stressed that the new political party does not have a honeymoon period and needs to hit the ground running as it is 13 years of repairing Tobago the PDP has to do, the report notes. "They didn't get this far without knowing the pain of Tobago. By understanding the pain, they should have suggested solutions. And if they are not going to be given the opportunity to push their solutions, then there would have been no point in the elections," Hadad added, the report relays. She said the PDP must have strong systems in place and advisers in order to steer the ship and then the chamber and other private stakeholders need to work with them as well, the report discloses. Asked where she believed the People's National Movement (PNM) faltered, Hadad said while she was not a political analyst she observed that despite all the items being given away, residents made their minds up that they were fed up of the PNM, the report relates. Tobago Business Chamber chairman Martin George is hoping that the business sector will be revived on the island as the pandemic has done a number on it, the report notes. George said, "We are clear in our desire to work along with the incoming administration to ensure that the elements of the Tobago private sector are resuscitated, brought back to life so that we can have a vibrant dynamic business community here in Tobago," he told the Express. He called on the incoming PDP administration to lobby Central Government for the repeal of the Foreign Investors Act, the report says. "This is at a time when Trinidad and Tobago as a whole needs foreign exchange and foreign investment, so that Act, which prohibits and creates a stumbling block for foreign investment, we need that repealed immediately," George said, the report says. "This is a time when Trinidad and Tobago needs foreign exchange, we need the input of foreign investment. I have been saying this time and time again." George asked that measures be put in place for young entrepreneurs to be encouraged in good business management and administration practices, the report notes. "Young people can also recognise there is also a good opportunity in creating your own business to develop Tobago," he added. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2021. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. . * * * End of Transmission * * *